BNY Mellon Launches Blockchain Deposit Service, Enhancing Transaction Speed
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
- Blockchain Deposit Service: BNY Mellon launched a blockchain-based deposit service on January 10 through its Digital Assets platform, enabling customer deposits to be represented on a private blockchain, significantly enhancing transaction speed and accessibility within digital asset markets.
- 24/7 Payment Capability: This service supports 24/7 payment operations and enhances collateral management capabilities, marking a significant step in the banking sector's integration with digital asset technology, which could potentially transform traditional market infrastructures.
- Positive Industry Response: Industry leaders, including Carolyn Weinberg, highlighted the potential benefits of this innovation in asset mobilization and liquidity, indicating a strengthening institutional appetite for on-chain activities.
- Far-reaching Strategic Implications: BNY Mellon's initiative not only demonstrates its commitment to innovating cash movement across the modern financial system but also potentially paves the way for regulatory frameworks that better integrate digital and traditional finance infrastructures.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
